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How compliance, data sharing empower FinCEN’s war on terror and crime

In the aftermath of the Sept. 11, 2001, terrorist attack on New York City, banks and other financial institutions suddenly found themselves on the forefront of the nation’s war on the financing of terrorism. As military and homeland security defenses expanded, so did responses to the complex financial mechanisms that fuel terrorist operations.

Sanctions issued by the Treasury Department’s Office of Foreign Assets Control are, of course, a major component of government efforts. The domestic frontline also includes financial institutions under the watch of Treasury’s enforcement arm, the Financial Crimes Enforcement Network, better known as FinCEN.

Late last month, the Terrorism and Illicit Finance Subcommittee, an offshoot of the House Financial Services Committee, dug deep into FinCEN’s current and future efforts. Jamal El-Hindi, acting director since May 2016, fielded queries about the agency’s ever-evolving mission.